BSE: 505690
BRADY & MORRIS ENGINEERING CO.
Operates an engineering business classified under capital goods, specifically in the agricultural, commercial and construction vehicles space. The active reporting segment, Engineering (MHED), accounted for 100% of segment revenue (₹44.00 crore) in the most recent segment disclosure (year ended March 2020), with a 9.3% EBIT margin. A second segment, Sub Assembly Chairs, recorded zero revenue in that disclosure and reported a negative EBIT, indicating it is inactive. In the FY26 audited results filed in May 2026, the company stated that no segment reporting is applicable and that it has no subsidiaries, joint ventures or associates. FY26 total revenue was ₹73.11 crore, down 19.0% year-on-year, with net profit of ₹5.57 crore. Raw materials are the dominant cost at 59.4% of revenue, followed by employee costs at 19.1% and other operating expenses at 16.3%. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Engineering (MHED) (100%), Sub Assembly Chairs (0%). Small, single-segment capital goods engineering company with a dormant secondary line
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 47 | 60 | 75 | 90 | 73 |
| EBITDA (ex other income) | 5 | 7 | 12 | 31 | 7 |
| margin % | 10.7 | 12.2 | 16.4 | 34.1 | 8.9 |
| Owners' profit | 3 | 5 | 8 | 24 | 6 |
| EPS, as reported (₹) | 14.19 | 22.47 | 37.40 | 106.73 | 24.78 |
| ROE % · ROCE % | 32.3 · 20.3 | 33.9 · 28.9 | 36.1 · 41.9 | 50.8 · 61.9 | 10.5 · 15.0 |
| Debt / equity (x) | 1.80 | 0.94 | 0.33 | 0.19 | 0.09 |
| Cash from operations | 1 | 5 | 6 | (1) | 3 |
| Capex | (0) | (2) | (2) | (12) | (1) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 23 | 20 | 27 | 20 | 13 | 23 | 17 | 17 |
| Profit before tax | 3 | 3 | 20 | 2 | 1 | 3 | 2 | 1 |
| Net profit | 2 | 2 | 17 | 2 | 0 | 2 | 1 | 1 |
| EPS (₹) | 10.81 | 9.41 | 75.80 | 6.84 | 2.12 | 9.73 | 6.09 | 3.43 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BEML LIMITED | 16,356 | 72.2 | 5.58 | 50.7 | 4.8 | 4.8 | 4.1 | 0.4 |
| ACTION CONST EQUIP LTD | 12,153 | 27.8 | 6.04 | 19.7 | 20.6 | 27.4 | 21.7 | 22.0 |
| AJAX ENGINEERING LIMITED | 6,338 | 27.8 | 4.55 | — | 16.2 | 21.4 | — | 16.3 |
| TIL LTD | 1,597 | — | 14.38 | 151.0 | (27.7) | (16.4) | 0.6 | 5.9 |
| INDO FARM EQUIPMENT LTD | 572 | 22.9 | 1.03 | 10.0 | 4.4 | 5.6 | — | 14.1 |
| BRADY & MORRIS ENGINEERING CO. ◆ | 122 | 25.3 | 2.29 | — | 10.5 | 13.4 | — | 8.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 25.3 | 22.6 | 327 of 597 | 45% |
| P/B | 2.3 | 2.6 | 258 of 553 | 53% |
| ROCE | 13.4 | 10.9 | 260 of 653 | 60% |
| ROE | 10.5 | 9.7 | 261 of 562 | 54% |
| Debt / Equity | 0.1 | 0.2 | 215 of 560 | 62% |
| EBITDA margin | 8.4 | 12.6 | 388 of 556 | 30% |
| Revenue growth | (12.1) | 15.9 | 449 of 547 | 18% |
| Profit growth | (49.9) | 21.8 | 439 of 540 | 19% |
| Market cap | 122 | 376 | 438 of 663 | 34% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 16 Oct 2026 · Board meeting on Nov 3, 2026 to consider Q2 FY27 unaudited results | results | low | — | — |
| 15 Oct 2026 · RTA confirms no dematerialisation in July-Sep 2026 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1, 2026 for Q2 FY26 results | compliance | minimal | — | — |
| 26 Sept 2026 · 80th AGM results: all three resolutions passed with requisite majority | board shareholder meetings | minimal | — | — |
| 26 Sept 2026 · 80th AGM held on Sep 26, 2026 via video conferencing; 3 resolutions tabled | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Newspaper publication of 80th AGM notice and e-voting information | compliance | minimal | — | — |
| 31 Aug 2026 · Notice of 80th AGM and Annual Report 2025-26 web link | compliance | minimal | — | — |
| 31 Aug 2026 · Annual Report FY25-26 and 80th AGM Notice submitted to BSE | compliance | low | — | — |
| 31 Aug 2026 · 80th AGM on Sep 26, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 25 Aug 2026 · 80th AGM notice and KYC update request to shareholders | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.